Sentinel Trust Co. LBA Cuts Stake in Metlife Inc (MET)
Sentinel Trust Co. LBA trimmed its position in Metlife Inc (NYSE:MET) by 7.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 74,202 shares of the financial services provider’s stock after selling 5,845 shares during the period. Sentinel Trust Co. LBA’s holdings in Metlife were worth $3,236,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of MET. Cowen Prime Services LLC raised its holdings in Metlife by 19.8% during the second quarter. Cowen Prime Services LLC now owns 6,650 shares of the financial services provider’s stock worth $290,000 after acquiring an additional 1,100 shares in the last quarter. Rockefeller Capital Management L.P. raised its holdings in Metlife by 2.1% during the second quarter. Rockefeller Capital Management L.P. now owns 54,305 shares of the financial services provider’s stock worth $2,368,000 after acquiring an additional 1,124 shares in the last quarter. TLP Group LLC raised its holdings in Metlife by 32.0% during the first quarter. TLP Group LLC now owns 4,885 shares of the financial services provider’s stock worth $224,000 after acquiring an additional 1,183 shares in the last quarter. Trust Co. of Vermont raised its holdings in Metlife by 30.6% during the second quarter. Trust Co. of Vermont now owns 5,160 shares of the financial services provider’s stock worth $225,000 after acquiring an additional 1,209 shares in the last quarter. Finally, Independent Advisor Alliance raised its holdings in Metlife by 4.7% during the second quarter. Independent Advisor Alliance now owns 28,018 shares of the financial services provider’s stock worth $1,004,000 after acquiring an additional 1,265 shares in the last quarter. Institutional investors own 77.46% of the company’s stock.
In other news, Chairman Steven A. Kandarian sold 85,683 shares of the company’s stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $46.93, for a total value of $4,021,103.19. Following the transaction, the chairman now owns 585,005 shares of the company’s stock, valued at $27,454,284.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Steven A. Kandarian sold 42,805 shares of the company’s stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $47.03, for a total value of $2,013,119.15. Following the completion of the transaction, the chairman now directly owns 559,097 shares in the company, valued at approximately $26,294,331.91. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.
Metlife (NYSE:MET) last released its quarterly earnings data on Wednesday, August 1st. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.13. The firm had revenue of $21.22 billion for the quarter, compared to analyst estimates of $15.65 billion. Metlife had a return on equity of 9.17% and a net margin of 6.12%. The business’s revenue for the quarter was up 36.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.04 earnings per share. equities research analysts predict that Metlife Inc will post 5.22 EPS for the current fiscal year.
Metlife declared that its board has approved a stock repurchase plan on Tuesday, May 22nd that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 3.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 13th. Shareholders of record on Monday, August 6th were paid a $0.42 dividend. The ex-dividend date was Friday, August 3rd. This represents a $1.68 annualized dividend and a yield of 3.61%. Metlife’s dividend payout ratio is 37.33%.
Several analysts recently issued reports on the company. Goldman Sachs Group lowered Metlife from a “buy” rating to a “neutral” rating and upped their target price for the stock from $55.91 to $61.00 in a report on Monday, June 4th. ValuEngine lowered Metlife from a “hold” rating to a “sell” rating in a report on Saturday, June 2nd. Zacks Investment Research lowered Metlife from a “buy” rating to a “hold” rating in a report on Thursday, August 9th. Sandler O’Neill restated a “hold” rating and issued a $50.00 price objective on shares of Metlife in a research note on Thursday, August 2nd. Finally, Credit Suisse Group dropped their price objective on Metlife from $67.00 to $63.00 and set an “outperform” rating on the stock in a research note on Friday, August 17th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $54.80.
Metlife Company Profile
MetLife, Inc engages in the insurance, annuities, employee benefits, and asset management businesses. It operates through five segments: U.S.; Asia; Latin America; Europe, the Middle East and Africa; and MetLife Holdings. The company offers life, dental, group short- and long-term disability, individual disability, accidental death and dismemberment, vision, and accident and health coverages, as well as prepaid legal plans; administrative services-only arrangements to employers; and stable value products, including general and separate account guaranteed interest contracts, and private floating rate funding agreements.
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